The Department for Work and Pensions has launched a consultation on improving the standards of pension scheme trusteeship, governance and administration.
The aim of the consultation is to ensure trustees have the standards and skills needed to deliver a modern pensions system that supports savers and UK economic growth.
The consultation’s goal is to bring all schemes up to the required standard and proposes new measures designed to raise standards for trustees. It will also consider ways pension scheme administration standards can be improved for savers and measures to improve the diversity of trust boards.
The department has also asked for stakeholder feedback on how it can ensure pension scheme trusteeship, administration and governance adapt to meet the challenges of a modern pension system.
The consultation closes on 5 March 2026.
Torsten Bell, Minister for Pensions, said: “The defined contribution (DC) market itself is transitioning to a more mature structure, characterised by bigger schemes. Change is also being accelerated by the Pension Schemes Bill currently before Parliament. Amid this change, one thing remains constant: the importance of good governance, with schemes overseen by trustees that have not only the skills and knowledge to navigate the changes to come, but also members best interests consistently front of mind.
“This consultation takes stock of our trustee and pension administration landscape. It invites views on the issues confronting trustees amid these transitions and where changes might be valuable. I look forward to hearing from trustees themselves, but also scheme members, managers and administrators.”
Helen Forrest Hall, chief strategy officer at Pensions Management Institute (PMI), added: “The pensions industry is undergoing profound change and those at the forefront, trustees and administrators, must be equipped with the skills and expertise to deliver for savers. As complexity grows, standards need to rise to safeguard members and ensure confidence in the system. This consultation marks an important step in shaping that future. The PMI has consistently championed a higher bar, which is why we’re equipping trustees and administrators through qualifications, accreditation and ongoing professional development.”
